Solarpack closes financing on 300 MW of solar under PPA in Peru

A financing arrangement for €176.6 million ($191 million) has been finalized for the San Martín solar plant in Peru by Solarpack, a Spanish solar project developer.

BBVA, BNP Paribas, Natixis Corporate and Investment Banking, and Crédit Agricole Corporate and Investment Bank were the lenders.

Along with the senior financing package, San Martín has also finalized a revolving financing facility of up to $19 million with BBVA to cover the payment of the General Sales Tax (IGV) produced throughout the project’s construction.

The facility, according to Solarpack, is the first renewable project in Peru to be funded via a bilateral PPA.

With a total installed power of over 300 MW, the San Martín solar facility is presently being built. “It is the largest solar plant in Peruvian history,” according to Solarpack.

The business announced the project’s launch in January along with the termination of its joint venture in Peru and Chile with Ardian.

Source Solarpack

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